Black Swift Group LLC Boosts Stock Position in Snowflake Inc. (NYSE:SNOW)

Black Swift Group LLC increased its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 283.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,115 shares of the company's stock after buying an additional 14,865 shares during the period. Snowflake accounts for 0.7% of Black Swift Group LLC's portfolio, making the stock its 29th largest position. Black Swift Group LLC's holdings in Snowflake were worth $2,940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Snowflake in the 4th quarter worth approximately $988,950,000. FMR LLC grew its stake in shares of Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after acquiring an additional 2,805,425 shares during the last quarter. GQG Partners LLC bought a new position in shares of Snowflake during the fourth quarter valued at $750,572,000. Geode Capital Management LLC increased its holdings in shares of Snowflake by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company's stock valued at $642,742,000 after acquiring an additional 15,314 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Snowflake by 124.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after purchasing an additional 2,200,406 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Teresa Briggs sold 1,146 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the sale, the director directly owned 4,474 shares of the company's stock, valued at $974,168.76. This trade represents a 20.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $218.89, for a total value of $2,188,900.00. Following the transaction, the executive vice president directly owned 547,336 shares in the company, valued at approximately $119,806,377.04. This represents a 1.79% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,718,258 shares of company stock valued at $589,762,906. Insiders own 6.80% of the company's stock.

Snowflake Price Performance

Shares of NYSE SNOW traded up $2.28 during midday trading on Thursday, reaching $214.84. 2,224,562 shares of the stock traded hands, compared to its average volume of 3,248,868. The company's 50 day moving average is $210.36 and its 200 day moving average is $180.40. Snowflake Inc. has a one year low of $107.13 and a one year high of $226.60. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The stock has a market capitalization of $71.73 billion, a PE ratio of -51.03 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business earned $0.14 earnings per share. Snowflake's quarterly revenue was up 25.8% compared to the same quarter last year. On average, equities research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on SNOW. Cantor Fitzgerald lifted their target price on shares of Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Mizuho boosted their price objective on shares of Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. JPMorgan Chase & Co. increased their target price on Snowflake from $210.00 to $225.00 and gave the company an "overweight" rating in a research note on Thursday, May 22nd. Raymond James Financial restated an "outperform" rating and issued a $212.00 price target (up previously from $196.00) on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Cowen reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, Snowflake has an average rating of "Moderate Buy" and an average target price of $226.73.

About Snowflake

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.